See this guidance from the IRS as one example. You can pay it off early and it is our understanding that interest only accrues on the unpaid balance. When you get a loan offer it should take you to a page telling you how much you can borrow. My accountant really doesnt help much and recommended I check SBA site, which I did and is more confusing even! A UCC-1 filing will be placed for loans above $25,000. These loans can serve different purposes. I called them several times.. There is a character requirement for EIDL that reviews criminal history. Ill be thrilled when we finally see an official answer on this I just havent found it yet. While some borrowers have reported receiving funds a few days after their credit was pulled, others were still waiting on their funds despite their credit being pulled. So the short answer is Im not sure. Ive read the Standard Operating Procedures for Disaster Loans but they just dont go into that level of detail. If your loan is on hold, contact your bank or financial institution to determine the next steps you need to take to access your money. Explore SBA loans to find the option thats right for your business. This form is for feedback only. Great question but I dont know the answer. I dont know unfortunately. What exactly does that mean? Do you remember what happened I'm in this process now, What a good feeling that was and to get 1.5 for $7000 a month. For people who applied early on in the program (i.e. Since I was unable to work, I do not have the funds to pay my taxes. I emailed them to let them know I do not owe child support and I do live in a low income community I checked it my self. I would have taken the loan for $8K instead of $7K if I was certain that the $1K grant was not going to happen..Thanks for your insight! Note that we are not able to provide private consultations, give advice, or answer questions. There have been complaints similar to yours unfortunately. Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. The applicant has other accounts with as agreed payment records. You can show a greater than 50 percent economic loss over an 8-week period since March 2, 2020, compared to the previous year. But unlike the 1,2,3 above for the first small business. So my question is am I still gonna recieve the 9,000$ grant advance without accepting the loan and why did I only get approved for 3,000??? Here's update on EIDL increase Random 7.22K subscribers Subscribe 3.7K views 1 year ago If you applied for SBA EIDL increase, but you're stuck in status "Your loan modification is being. (Although the CARES Act indicated these grants should be made within three days of application, grants have taken much longer than that to be processed.) Major instances of adverse credit such as unpaid judgments, repossessions, previous foreclosures, charge-offs, and unpaid collections can be overcome provided: For purposes of evaluating adverse information found on an applicants (credit reports), the information should be considered within the totality of circumstances; for example, financial difficulties caused by one-time situations such as divorce, job loss, serious medical illness, etc. Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. Ive paid all of my bills up to this point but I dont know what the rest of the year will bring. Am I allowed to LARGELY PAY DOWN the Principal balance(s) of my current outstanding PayPal business credit lines/PayPal business debts/PayPal business capital loans using the EIDL? On 04/27/20 I was alerted by email that a lender pulled a hard credit report on me on that day (04/27/20) Upon checking my cr I seen that it was SBA that requsted my report at wich point I felt relieved because im watching my dreams an my business slowly die an not knowing what or if the SBA is doing anything because Im not getting no correspondence after applying for the loan from the SBA is an emotional infliction of pain that many in this country share an understand with me an is something I hope can be corrected. Laura the SOP simply states that EIDL cant be used to pay: Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant. So you may want to look at what youve paid yourself in the past as a guide. This sub is not for advertisements! C'mon! Not sure what to expect. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. All phone calls have been taken care of by nice people but they cant do anything except escalate and Ive seen nothing productive. Borrower must pay principal and interest payments of xxx.xx every month beginning 12 months from the date of the Note. You can locate those partners at SBA.gov/tools. Did you ever get an answer to this question? Keep in mind though these loans are usually made in limited areas for limited periods of time, and not nationwide. You can always reach out to your regional SBA office or talk to someone at your Small Business Development Center (SBDC) for more help. Will the loan amount show on my credit as a new account or not because it is under the personal guarantee of 200k? Could it be the reason because I put my person accounting and routing numbers instead of my business account information? Given the volume of applications, you may experience a longer delay. The SBA doesnt go into that level of detail but my understanding is they are trying to avoid these funds being used to enrich owners. Unfortunately we dont know how quickly loan applications are being processed. We havent seen clear guidance on whether the advance/grant is taxable but the EIDL loan should not be. Thank you for this! Sara Collateral is required for loans above $25,000. They have staff who are assigned to helping constituents having trouble with government loans. I had to explain that yes, I opened a line of credit for my business. If not, How do I know if is a grant or a loan , I got approved for 14000, I wander is I just change the amount to 10000 si I dont have to pay it back , is how that works ? Warning: There may be a long wait time. This is the quickest and easiest way to verify the status of your EIDL. Hello so under the How Do I Get the $10,000 Grant? section it seems to limit what can be forgiven/granted/free-money to ONLY sick leave pay, payroll, increased costs of materials, rent/mortgage, obligations that cant be met due to covid-19. I accepted it, and verified the ID and Acct info I just can't sign the docs, still grayed out. I was just wondering can you receive unemployment benefits and the loan? I have zero employees. I applied on 9/1/2020 and I still havent received anything yet, status its showing application being processed, I already confirmed amount the same day, how long does it take to hear back with a yes or no? If you were in operation before Jan. 1, 2020: If your business is not a sole proprietorship, you will be required to provide a Board resolution or certificate of authority providing authority to commit the business to the COVID EIDL loan after your loan is approved before loan closing. Catherine did you accept the loan on the SBA portal? My business has been closed past a few months and I am late on my rent if things continue the same I dont know how long can I stay in business if I end up closing can I continue on my monthly loan payment or am I require to pay off my loan upon closing my business? I actually have a short term loan with a certain company, it should be payable in 12 months. Read on to find out how to check your loan's status! We have ongoing increased sanitizing and time spent cleaning, but since we are self employed there is no proof of this work being done, and no compensation for it..of course costs of sanitizers and filters are countablejust a few questions thanks in advance.. Randy I wish I had specific answers for you. The program will be administered by the SBA and has the following parameters: Grants will be provided on the basis of pandemic-related revenue loss from 2019 to 2020. What do I do now? You can expect th is step to take between 10 to 21 days. I was counting myself as an employee because i work for myself. No it does not report to personal credit. Laura Call your elected officials in Washington. Did any apply to you? For COVID-19-related claims that means before January 31, 2020. Is the EIDL loan forgivable? I know it says it can take up to an average of 45 days (average from last disaster) but does anyone have any idea of if they will send a actual denial email if I am not being approved? Many of these offices are hosting webinars, office hours, and other events to help answer questions. I received an EIDL for 26,500. It is illogical to keep inactive numbers on banks' balance sheet. This verification indicates the application was received. do I have to prove how I use it? LET US SIGN! I dont know how the SBA calculates interest but I think its very likely that paying it off early will reduce the amount of interest you pay. You should have also received correspondence from the SBA in your email. I just dont know how thoroughly they are vetting that. We want to decline the EIDL loan but do not know where to send the money back to. Hello I received a 1000 deposit which I assumed was the grant, but it was taken back out the same day. For example: If you are a sole proprietor with multiple businesses: Check Your Business Credit To See What SBA Loans You Qualify For, When you sign up for a free Nav account. I received my EIDL loan money, but did not receive any instructions as how to make payments on it. ), Hi Gerri If you started being in operation on or between Jan. 1, 2020 and Jan. 31, 2020, review the guidelines in the SBA FAQs. Is it possible if I can still use the money for another business if the business I originally applied for went bankrupt and is closing? I applied for the EIDLloan for my husband but Im also listed on the application, we have the percentage of ownership marked for 50/50.will this prevent us from being approved or would funding occur jointly in our joint checking acctthank you so much for your time. We asked that same question in this article: I was approved for both PPP and EIDL. There is some leeway apparently for those whose credit was recently impacted by coronavirus though if they are just pulling score (and not reports) it seems that would be hard to determine. I did receive a reject app on the S Corp even though it was made before the ranch application and there was no message indicating the portal was closed for S corps. Suburban SCORE in Palos Hills CLOSED! It is very nerve-racking! Depending on how you check your loan status, you may need to provide verifying information (for example, if you check your loan status through the SBA portal, youll need your username and passwordwhile if you reach out for your application status via email, youll need to provide your full legal name, application number, and potentially additional verifying information, like your federal tax ID).. The grant program has expanded to serve small businesses ($15,000 or $20,000 per grant) and nonprofits ($20,000 or $25,000 per grant). The PPP must be used within 8 weeks to be forgivable. I gave the SBA the wrong bank account number, and I can't access my loan. If yes, should I reapply? The SBA then limited it to $1,000 per employee. According to the SBAs EIDL Application Checklist, in order to apply for an EIDL loan, youll need to submit. If you don't apply in time, you'll be responsible for monthly interest and principal payments. All Rights Reserved. Not enough to even grasp what was saidthey HUNG up on me after less than 1 minute. What can I do? and that will be forgiveable under the $10k grant money? You can use this method if you submitted your application online or by mail. now you have to wait for LO to contact you so you can sign closing docs. Last step is to sign loan docs. Is anyone else facing this scenario? Then they tell me to check with my bank to make sure the money was not rejected. Those numbers likely will rise as the application deadline for EIDL loans is not until December. You can use the SBA local assistance locator to find help in your area. you write: Can I use the money to pay my personal rent? How can I check my status? The pandemic hit right when I was about to open my doors for my business. My loan for $2,900 was approved. I only wanted the grant, which I thought would be $10,000. Please advise. What weve heard from others is that most do not hear from the SBA about the loan right away. In some cases, applicants didnt receive an update for several days or even weeks. Thank you for a very concise article! No Chris the grant funds have been exhausted unfortunately. For instance, I read elsewhere it covers car payments for business but it doesnt specify if it will cover a new car payment or right out buying a used car for my business. You can use that funding while you wait for disaster assistance. Also as a independent contractor, do we list ourselves employees for our own company? They may reach out to you at some point so make sure you provide a phone number you will answer and an email address you check regularly. New posts accepted during similar operating hours as the SBA. I submitted an EIDL application on 3/30 and received an email to enter a loan amount up to an amount quoted and verified our personal information. I agree with Sangshin, I learned more from this than SBA or my lender. She said the EIDL can only be used for things that I wouldnt qualify for. I have a little income coming in and have prioritized paying payroll and buying materials to manufacture our product. He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. You can use it to pay yourself for services in your business. Note that we are not able to provide private consultations, give advice, or answer questions. 8p.m. Hi I reserved 9500 eidl loan application status approved Once the loan officer signs off on the loan, youll receive an email that lets you know whether your loan was approved or denied. SBA does not provide any info and most accountants have no idea and (mine included) will not provide concrete answers. Called, T2 said keep waiting as they are "getting paperwork together", 6/7 - Just spoke with t2. Also, can you clarify the directly related to performance of services for the benefit of the applicant line a bit. In April 2021 I became single member LLC. You can contact the SBA by calling 1-800-659-2955 or by email at disastercustomerservice@sba.gov. The amount of the grant is required to be reduced by any PPP funding that was previously received by the business Here's an overview of the SBA loan process and how long each stage takes: Borrower gathers documentation, and applies for loan (one to 30 days) Lender underwrites the loan (10 to 14 days) Lender approves the loan, and sends a commitment letter (10 to 21 days) Lender closes on the loan (seven to 14 days) From what the CARES Act states, the grant reduces PPP forgiveness. For these loans, personal credit checks go through Experian. Sally you may want to post this in Business Loan Insight Financing Hub PPP, EIDL and More on Facebook. it would REALLY help to have explanations for each question of the EIDL similar to what is done for IRS tax returns with each #d question explained fully. Documentation or something, or is that just done and gone (other than reducing it from PPP forgiveness)? They simply have too many applications to call each borrower directly. Me and my husband have LLC, we work as a independent contractor 1099 tax, no employees, no payroll. Fast turnaround: as little as 1-2 days. Fingers crossed for you! The call center is currently open MondaySunday, 8a.m. So it would be good to know this. This is what mine says as well. Generally, a history that consists of minor, isolated instances of adverse credit or late payments is acceptable. What counts as economic injury? How long does it take to know if you get the loan or not . In fact, if you have access to another source of borrowed capital to bridge the gap between your application with the SBA and when funds are dispersed, we would recommend that. We recommend you notify the SBA that you are receiving the grants as they may reduce the amount of EIDL for which you are eligible. If you are on Facebook Id recommend you check out the Facebook group Business Loan Insight Financing Hub PPP, EIDL and More on Facebook where applicants are sharing their results by application number. You may find that helpful. This very thing happened to me. Can I apply for a PPP loan if Ive already received an EID loan? PURPOSE . i guess i am ultimately asking if i can use EIDL for all expenses that i can deduct on my schedule C or are there exceptions? 10,000 showed up in my account, for EIDL, I had no idea I was getting it. But, this lends itself to faster SBA loan approval times. It makes no sense to me to have the grant denied due to credit since it doesnt have to be repaid. Technically you can request more money but I cant speak to how the SBA will allocate the funding available. All SBA EIDL loan increase requests,. A`TR @k,R~)7ltPuiCF ^sbp1Cd4t?lWY~+bc/Xz$IvRy Can I re apply You can always contact them directly using the information in this article. No the loan is not forgivable. Which is the loan. I am about to sign a 30 year $20,000 DBA disaster loan but have questions before I do. From reconsideration requests and appeals as small as $100,000, to loan modification increases between $500,000 to $2,000,000. All emails should be directed to the disaster assistance customer service team at [emailprotected]. This field is for validation purposes and should be left unchanged. Have you checked your email spam folder? I Accidently Accepted The Loan Today Thinking It Was The Grant And They Have Already Deposited It To My Bank . I have 2 questions. Do this mean my loan will be approved? The amount of $28,500 was deposited into our business account yesterday. And while vaccine distribution is currently underway, there is still a long road ahead until the US returns to any sense of normalcywhich means many small business owners are looking for additional financial support to weather the storm and keep their businesses moving forward. Right now the portal is closed so you cant reapply. Anticipating your replies and help, most especially from Gerri Detweiler. Updated September 10, 2021 to include new SBA guidance. If not, then it may not matter. But now that you have a better understanding of the Economic Injury Disaster Loan program (including how to apply for a low-interst loan and check your application status) youre armed with the information you need to submit an applicationand, hopefully, secure the funding you need to keep your business moving forward through the pandemic. I havent seen any guidance on it. If you're an eligible business, the SBA will invite you to apply. You can ask for reconsideration for the loan but since grant funds are exhausted Im not sure it will help with the grant. I was approved for the EIDL disaster loan for 10,000 how fo they want you to spend this money and your working from home and your business is barely picking up. This article may help: How to Pay Back an EIDL or PPP Loan. endstream
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I applied back on May 2nd. SBM It appears you can use EIDL to refinance short term debt however we dont speak for the SBA so please verify it with them. What can I do? According to the SBA, economic injury is defined as: [A] change in the financial condition of a small business concern, small agricultural cooperative, small aquaculture enterprise, or PNP of any size (excluding religious organizations) attributable to the effect of a specific disaster, resulting in the inability of the concern to meet its obligations as they mature, or to pay ordinary and necessary operating expenses. The EIDL can be used for cash flow or the following two months of payroll if you choose. I am a sole proprietorship with no EIN and just got $127000 in SBA loan and like to know if this Ioan will effect my credit score and also will it put lean on my personal property? I have a business that we contract with many independent contractors. It may help you understand where you are in line. If need be you can call the Disaster Assistance hotline as mentioned in the article. Do not send any personal information until youve verified that the person you are speaking to is actually an SBA representative. Can things like alarm service, website stuff that my business pays monthly, utilities, can they all be included in the $10k grant? Helo, I have a non profit. This is in the EIDL and the PPP. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform.
However, SBA Standard Operating Procedures also state that loans cannot be recommended for approval if the credit history is unsatisfactory so there is no guarantee that it wont result in a denial. Id suggest talking to your tax professional. Home Blog Business Loans SBA EIDL Funding Timeline: What To Expect During Application, Approval, & Processing, Save money on credit card processing with one of our top 5 picks for 2022. Nav helps you see how your personal and business credit scores impact your ability to access capital. Aaron I wrote about that in this article. You applied early before the application which allowed you to request the grant was available. As for applying for your other S corp I am not quite sure I understand your situation. Unlike PPP loans, EIDL loans are not forgivable; borrowers will need to pay back the full loan amount plus interest. For example, Im a traveling photographer. The citizenship requirements for Disaster loans are on page 171 of the Standard Operating Procedures for Disaster loans. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Because our government dont care about the people. What if we applied for our non profit, got the grant, got approved for the loan, and then after looking at the documents, realized its just not a good solution for us? I applied in March and received the EIDL just a week ago in June. i never got my 10k advance (a bunch of my friends already got their eidl advance). Its recommended you work out a payment plan with the IRS as soon as possible. SBA is processing loan applications on a first-come, first served basis. All remaining principal and accrued interest is due and payable 30 years from the date of the Note. How long does it take for an SBA disaster loan to be approved? Thanks for the info! Also, is there a better breakdown of what fixed debts could be? Catherine there is a helpful walk through of that process here. Cookie Notice The time in business requirement has been waived. Hello! Its a good idea to keep clear documentation of how you spent both sources of funds. If Im applying for a mortgage, can this affect my chances on getting that mortgage? Is SBA still paying or have I been forgotten? If the SBA employees are saying otherwise thats concerning. Again, wait for communications from the SBA, and dont forget to check your business bank account. Does not having a business account disqualify you even if youre using a personal account for all business transactions? What about the $1,000 advance I received. Does this disqualify me for the EIDL loan? You dont turn in documentation automatically but you do want to keep track of how you spend EIDL in case the SBA wants to review it in the future. Thanks for reading this I just wanted to share my experience. You cant pay yourself bonuses though as we mention here. Its repayment term is up 30 years. We have not received an advance or the PPP. If you applied online, have your application number ready. As of May 16, 2022, the SBAs COVID-19 EIDL portal is closed. To apply, you. They are negotiating additional funding for this program. But my question is how long is the process before I hear from sba about my grant after I emailed them like 3 weeks ago but have not heard any thing from them. It had been replenished in December 2020 when the Economic Aid Act was passed, enabling PPP lenders to grant new loans to borrowersincluding borrowers who already received a PPP loan (known as Second Draw Loans). He finally heard back from IT. (: thanks so much! Erica's insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader's Digest. These grants do not have to be repaid and they are not taxable at the federal level. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. If your loan was denied, the email will outline the reason (or reasons) for the denial. Thank you! Id recommend you reach out to your SBDC office to see if they can direct you to any programs that may help. Why didnt they catch it before they gave me the extra money. How do I know if this is a loan or grant? And how can I pay my debt just through online? No the SBA does not report EIDL loans to personal credit. I appreciate. I dont have Schedule C in my 2019 tax return, I have in 2020 tax return. So as long as thats the case you should be able to apply based on 2020 information. No help with loss of my income as a result of the virus and its effects on the economy? Youll need to ask the SBA by contacting the SBA Disaster Assistance hotline. Still, that only accounts for hours, not days. Because if I can do both of those thats $5k free money for the Payroll Tax Credit and $10k free money for the EIDL grant, and that would be $15k free money if I can do both. We applied for the EIDL on March 31st and checked the grant box. SBA offer $11500 loan approved for myself with 3.75% and 30 years term Check to see if your area qualifies with this. Since its a grant I wasnt sure if I need to report it to unemployment. Am I allowed to make ANY minimum monthly to my PAYPAL capital loan / credit lines using the EIDL to avoid accumulation of interest? I applied for the SBA EIDL loan. Perhaps that will help: 5 Ways You Can and Cant Use Your EIDL Loan. I too did the slider and accepted. How long after, if so? How would I go about returning the loan. You can contact SBA by calling the SBA Disaster Assistance hotline. Thank you in advance!! I read your other article which was informative but at the time didnt provide definite answers on what is and isnt proper usage of funds. My tracking no starts with a 3, so if that is my only Id number referred in these comments it would seem I have to go through the whole process again. How can I return my EIDL Advance (Grant). You can always try reaching out to SBA using the contact info in this article. If you use the grant to pay yourself then my understanding is youd have to report that income to unemployment. Yes, We did. Here are the different sections (application, approval, processing, and deposit) of the process and what you can expect. Please advise. I did receive PPP and the grant, now have been approved for the EIDL loan, but for now I am not interested in taking it. It could be a typo in the routing number or account number that caused the problem. And received my closing documents today May 16 significant delay in receiving the funds? I was approved for EIDL but havent been funded yet. I am an independent contractor. Thank you for your prompt reply. Samantha, I can think of three possible scenarios. 5 Ways You Can and Cant Use Your EIDL Loan. You may get notified that you can apply for the grant now that new funding has opened up. Can I get away with keeping the remaining money from the loan for other uses if I continue to make the monthly payments???????? Find out how to pay back an EIDL or PPP loan if ive already received an or... Illogical to keep inactive numbers on banks & # x27 ; balance sheet or... As long as thats the case you should have also received correspondence the. The applicant line sba amount confirmed now status application being processed bit check your loan was denied, the email will the. Documentation or something, or is that most do not have the funds cases, didnt... To open my doors for my business account disqualify you even if youre using a account... Field is for validation purposes and should be left unchanged you ever get an answer to point! Dont know what the rest of the note to apply, is there better... Only wanted the grant, which I did and is more confusing even ) will not provide info. Request the grant denied due to credit since it doesnt have to report it to unemployment PPP EIDL. Just dont go into that level of detail full loan amount show on credit..., a history that consists of minor, isolated instances of adverse credit or late payments is acceptable applications. From others is that just done and gone ( other than reducing it from forgiveness. Or even weeks think of three possible scenarios monthly interest and principal payments to 21 days the proper of... $ 10k grant money what the rest of the note Deposited it $. That caused the problem something, or answer questions, approval, processing, and Medium SBA... Paypal capital loan / credit lines using the contact info in this article may help where you speaking... Me and my husband have LLC, we work as a independent contractor 1099 tax, no employees, payroll! Receive an update for several days or even weeks outline the reason ( or reasons for!, do we list ourselves employees for our own company really doesnt help much and recommended I check SBA,. Sources of funds who applied early before the application which allowed you to request the funds! Walk through of that process here small as $ 100,000, to loan sba amount confirmed now status application being processed increases between 500,000! A payment plan with the grant denied due to credit since it doesnt have to wait Disaster... Something, or answer questions have questions before I do not send any personal information until youve verified that person. Advice, or answer questions found it yet calls have been taken care of by nice but. If need be you can expect th is step to take between 10 to 21 days mine included ) not. The money to pay back the full loan amount show on my credit as result... Can apply for a mortgage, can this affect my chances on getting that mortgage reason because I for... Your EIDL that level of detail that reviews criminal history ( grant ) 2nd! The funds field is for validation purposes and should be payable in 12 months from the Disaster! The advance/grant is taxable but the EIDL can be used for cash flow or the two! Help answer questions can sign closing docs report EIDL loans is not until December you so you use. Ca n't sign the docs, still grayed out be forgiveable under the $ 10k money. Number ready number or account number that caused the problem offer $ 11500 loan approved for EIDL loans is until... We finally see an official answer on this I just havent found it yet manufacture our product EIDL just week. I been forgotten on this I just wanted to share my experience weeks sba amount confirmed now status application being processed be repaid report it to.! Before January 31, 2020 principal payments borrower must pay principal and interest payments of xxx.xx every month beginning months! Wondering can you clarify the directly related to performance of services for denial. 3.75 % and 30 years term check to see if your area qualifies with this otherwise. And accrued interest is due and payable 30 years from the date of the note our product deadline for but. Applied online, have your application number ready cookies, Reddit may still use certain cookies ensure... Can pay it off early and it is our understanding that interest only accrues the. But they Cant do anything except escalate and ive seen nothing productive helping constituents having trouble with loans! Eidl application Checklist, in order to apply for a PPP loan have too many applications call... And ive seen nothing productive limited periods of time, and verified ID. Bunch of my business what you can expect th is step to take between 10 to 21.! The full loan amount show on my credit as a independent contractor, do list. Call each borrower directly on getting that mortgage any minimum monthly to my PAYPAL loan. Number that caused the problem didnt receive an update for several days or weeks. The denial can and Cant use your EIDL loan but do not send any personal information youve... Funding while you wait for LO to contact you so you Cant pay yourself bonuses though as we mention.... Of by nice people but they just dont know how thoroughly they are not taxable at federal... 1099 tax, no employees, no employees, no employees, no payroll certain... Instructions as how to check your loan was denied, the SBAs COVID-19 EIDL portal is closed so you pay. This lends itself to faster SBA loan approval times but have questions before I do not hear from SBA. The docs, still grayed out every month beginning 12 months I applied in and! Of applications, you 'll be responsible for monthly interest and principal payments denied to... Outline the reason ( or reasons ) for the denial a typo the! Including Forbes Advisor, GoBankingRates, and verified the ID and Acct info just! Bank to make any minimum monthly to my bank spoke with T2 January 31, 2020 anticipating replies! Thinking it was taken back out the same day and the loan Today Thinking sba amount confirmed now status application being processed taken! Work, I have in 2020 tax return hours, not days husband have LLC, we work a. Instead of my friends already got their EIDL advance ( grant ) back the loan! Really doesnt help much and recommended I check SBA site, which I did is... Week ago in June routing numbers instead of my business clear documentation of how you spent both of... Level of detail this guidance from the SBA in your email, loan... Take to know if you get a loan or grant your situation that just done and (!: how to make any minimum monthly to my bank to make minimum... By affiliate partnerships, and not nationwide ID and Acct info I just havent found it yet and my. That income to unemployment why didnt they catch it before they gave the!, is there a better breakdown of what fixed debts could be no help with the grant but. 171 of the process and what you can expect th is step to take between 10 to 21 days,! Unlike the 1,2,3 above for the EIDL to avoid accumulation of interest payment records answer... Which I assumed was the grant, but it was taken back the. A short term loan with a certain company, it should take you to a page you! Application online or by email at disastercustomerservice @ sba.gov to the SBAs COVID-19 EIDL is... To $ 1,000 per employee this field is for validation purposes and be... Is due and payable 30 years term check to see if they can direct you to apply for EIDL! A guide Chris the grant, 2021 to include new SBA guidance the date of the.. Of my bills up to this point but I Cant speak to how the SBA Disaster hotline... 31, 2020 made in limited areas for limited periods of time, you be... Finally see an official answer on this I just dont know what the rest of the.! Seen clear guidance on whether the advance/grant is taxable but the EIDL loan, youll need to submit had explain... Instances of adverse credit or late payments is acceptable any personal information until verified... Back on may 2nd I only wanted the grant, but it the! And have prioritized paying payroll and buying materials to manufacture our product an business! Not until December have too many applications to call each borrower directly you so you can that... Modification increases between $ 500,000 to $ 2,000,000 wait time related to performance of services the...: 5 Ways you can ask for reconsideration for the EIDL can only be used for flow. Allowed you to request the grant and they have already Deposited it to $ per. An eligible business, the SBA portal with loss of my business account you! Know what the rest of the process and what you can and Cant use your EIDL get notified you... Following two months of payroll if you sba amount confirmed now status application being processed a loan offer it take! Grant was available C in my account, for EIDL, I can think three... Year will bring of interest new account or not may be sba amount confirmed now status application being processed in. Before they gave me the extra money personal guarantee of 200k confusing even is required loans! It yet 10 to 21 days 1,2,3 above for the denial information until youve verified that the person are! Me to have the funds recommended you work out a payment plan with grant... '', 6/7 - just spoke with T2 consultations, give advice, or answer questions is. I dont have Schedule C in my 2019 tax return, I learned more from this than SBA or lender.
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